Qawra Palace plc - Basis of Acceptance
On 8 February 2023, Qawra Palace plc announced the basis of acceptance in relation to the offer of €25 million 5.25% secured bonds redeemable in 2033.
Qawra Palace explained that as at 11 January 2023, it received applications for just over €31.5 million. As a result of the over-subscription, the offer was closed ahead of schedule. All applications by Authorised Financial Intermediaries through the Intermediaries’ Offer were scaled down proportionately by 20.754057% (rounded to the nearest multiple of 100).
The new bonds were admitted to listing on the Official List of the Malta Stock Exchange on 8 February 2023 and trading is expected to commence on 9 February 2023. Interest on the bonds started to accrue as from 27 January 2023 and thus, the first interest payment falling due on 27 February 2024 will be covering a longer period than one year, specifically from 27 January 2023 up to and including 26 February 2024.